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tv   Markets Now  FOX Business  November 2, 2012 1:00pm-3:00pm EDT

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jobs last month. the market not so impressed. the dow down 40 points. how will the jobs report play with the election? very latest from the campaign trail. melissa: and we want to get you up to speed on the very latest on the storm aftermath. frustration is mounting. residents are outraged saying they have been ignored while aid goes to other parts of new york and new jersey, the desperation really mounting and the national guard is on the ground finally in staten island surveying the damage. lori: look at these long lines, people waiting for gasoline. new reports that people are siphoning fuel and even just giving up leaving their cars at the stations. melissa: hundreds of homes have been destroyed but the city is still planning to run the annual marathon. that kicks off on sunday.
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lori: we're waiting for comments from new york city mayor michael bloomberg expected to speak momentarily. the mayor is beating to speak, let's listen. >> an update on the city's recovery from sandy as of this moment. i went to some of the areas in south brooklyn hit hardest by the storm. i did talk to some homeowners, went inside some of their houses and some had been severely damaged by sandy. the homeowners are still without power. some of them are still pumping water out of their basements, and they're confronting what they have lost and what to do next. the bottom line is the most important thing is to deal with those we have fatalities, help those families through the unimaginably tragic occurrence in their lives, something that they will not recover from, and
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then understand that the people who lost their houses or don't know where they will get food or water have some confidence that we are going to be there for them, that we are doing what we can as fast as we can consistent with making sure that we have no further loss of life, so for example in turning on power, if there's a chance turning on power is going to start a fire, we will err on the side of caution. if there is an issue the safety of one of our first responders, we will err on the side of caution. we have had building inspectors out there checking homes. let me reiterate what a red card means. it is not a demolition order if you read carefully, says it is not a demolition order, it is in order not to enter for your safety.
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a yellow card requires you to have a safety inspection before entering, and also emphasized that is just because water may, just because water may be out of the basement doesn't mean it is safe to turn on electricity or a boiler or generator to power your home. it is a significant fire risk to do so in one of those things that struck me was people kept thinking if a generator recklessly showed up in the neighborhood, all would be okay. that is just not the case with all the wiring is covered with water, salt water in particular you have to do a lot of work before you can re-energize those lines, and so we have already seen some cases where electricity had turned on and we lost some houses. we want to make sure that does not happen. in the case of big buildings with engineers, they understand that in con edison has been going around the areas with big buildings and having each of those openings disconnect from
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the grid if there has been significant damage done to the electrical system in those buildings when they're ready to turn the power only have some good news i will share with you in a few minutes but it won't start a fire. that comes to individual homes, that is much more problematic and so in these neighborhoods we will have to go door to door and if we can't get in, it is a real risk because of you turn in power a fire may start inside. i saw the fantastic work our city and federal workers and volunteers are doing to help each other in the areas devastated. i shook their hands and thanked them and urged all of them to stay safe and try to get some rest, many of them have been working close to 24 hours everyday. i don't think anybody can fault the devotion the workers have had whether they are volunteers or work for the city or the state or federal agency.
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we are in this together, they understand that and you can see that in their faces. i was talking to our sanitation commissioner, he has a number of people he visited in one of the garages who lost their homes and yet they're still working because i want to help my neighbor, think that is the spirit i always thought new yorkers have and particularly new york city workers are here to help each other but also city workers here to help the citizens of this great city and we will continue to do that. the death toll from sandy continues to rise. we now know 41 new yorkers have perished as i cautioned yesterday as rescue and recovery efforts continue, it could be more fatalities discovered. but the point we think we have been through every place, but you can never be 100% sure. yesterday as i am sure you heard first responders recover the
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bodies in staten island. brandon was two years old, connor was for, they were swept away from their mothers arms by the force of the storm surge and it breaks your heart to even think about it, as a father i cannot imagine the pain and anguish of parents are suffering. their father is a city sanitation worker at the time of the tragedy he was on the job helping our city responded to the storm. i talked to him this morning and expressed my deepest sympathies, there is that you can ever say a parent with lost a child other than you are praying for them, praying for their kids, we will do anything we can to help them, but in the end the loss of a child is something no parent should ever go through and when they do, particularly if you're a parent, you really feel it. the truth of the matter is while life in much of the city is
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getting back to normal, for new yorkers who have love lost d ones, it is a wounded that will never heal. for those who lost homes or businesses, recovery will be long and difficult, there are still many around the city facing extremely difficult current situations in the storm's aftermath. for many without power and those far from stores and restaurants open, fresh food and water is an immediate concern as they announced yesterday we are distributing preprepared meals and bottled water to people in the hardest hit areas of the city including coney island, the south shore of staten island, chinatown and lower manhattan and the rockaways. 13 distribution sites open staffed by national guard members, new york city service volunteers and by the staff of the salvation army, the distributed something like 290,000 meals in nearly half a million bottles of water
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yesterday via those sites reopen again today from 1:00 to 5:00 p.m. open for us, saturday 1:00 until 5:00 and we will keep them open as long as they are needed. we have to come up with a long-term plan for people out of their homes for months, not able to cook and find food, and we're working on that but our first concern is to meet the immediate needs of people and hope what electricity comes back to some, the population that will really need our help will be down to it more manageable size but whatever size it is i am convinced we have the resources and the drive and the management to do so. anyone who visit visit one of o3 sites will be able to take three meals and bottles of water. people should bring their own bags to carry the food and water if at all possible. to publicize their hours and locations of these homes they've handed out thousands of flyers in english and spanish and chinese in the affected areas, but officials were present in
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those communities and their staff going door to door to help us get the word out and we have posted the site locations on the city's website. at&t has placed with a call po pods, trucks with generators in different areas providing charging stations for people with cell phones and also cell phone coverage for at&t customers. many of those in the vicinity of the food and distribution centers that means while you're getting food and fresh water, you can also make calls to loved ones and others who may be worried about you. we have had great cooperation from fema, the national guard, salvation army and from state officials and i wanted to thank all the individual companies and nonprofit who have donated so generously. that includes the road runners club donated a million dollars to the relief effort in that amount may go as high as
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$2 million if the runners club has asked each runner in this weekend's marathon to contribute $26.20, $1 for each mile of the race and hopefully some will be more than that. they are running this race to help new york city and donations from all the runners will be a big relief effort. if you remember, you go back to 9/11, i think they made the right decision in those days to run the marathon, it pulled people together, and we have to find some ways to express ourselves and show our solidarity with each other. we have raised almost $10 million for individuals and corporations including the charitable trust and the ceo of. my company, rupert murdoch. melissa: that was mayor michael
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bloomberg. we were waiting to hear what he was going to say about the marathon because that is a big controversy going on right now with a lot of complaining about the fact there are generators being brought in to help with the marathon that could be used by people who do not have power. they're handing out water, handing out blankets, tents, porta potties for the marathon and that has been a big boat of contention. we just heard him defend the decision once again. lori: the race will go on. urging them to contribute to the relief effort, $26. but still a lot of backlash on that decision. melissa: sticking to his guns. he invoked the name of rudy giuliani saying they ran the race after 9/11 and that is why it is so important. the national guard has finally arrived in staten island. residents in the new york borough are outraged saying they are being ignored. adam shapiro is there for us.
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>> i want to show you something. this is how new yorkers band together. they have been handing out pizza. those who might be hungry, don't have food, they have been going around to help out their neighbors. hthese are the national guard in a shot we showed you earlier supplying water. these folks are helping out, this is hunter avenue. one of the hardest hit areas in the area the water just inundated. and one other thing going on as we watch this is the cleanup. these people still throwing out debris damaged by the water, the sanitation department says they will be sending down the garbage trucks tonight. we have seen dump trucks coming down, clearing away the debris, the trees and a different kind of shrubberies and things that got washed away so utility crews can get in here and also cleanup. tow trucks moving the car is destroyed from the waters off the side of the road getting
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ready to come down here. in fact our satellite truck, take that shot really quick, shortly national guard distributing water that people here who need those supplies can come and get. the national guard has been carrying the water to the people who may not be strong enough to do that. back to our live shot. what they're waiting for again is the dump trucks to clear the debris away. fema is on-site further down the road and we saw the fema trailer where they can register for assistance. back to you. melissa: thank you for that report. fuel and patience running low. the latest on that story when we return just ahead. look at this, what a line. lori: new york city marathon will go on, just heard the new york city mayor michael bloomberg reiterating. very controversial, a lot of
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criticism but in the middle of all of this now have a government's latest report on the labor picture, which is better than expected but the quality of those jobs and the type of pay and if they're even full or part-time jobs is something we will talk much more about coming up. a look at some of the trades going on today. golgold significantly lower down $37 today, $16.77. silver and copper trending lower. more after this.
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lori: breaking news, mayor michael bloomberg just announcing high occupancy vehicle restrictions lifted at 5:00 p.m. you have to have three passengers to get into the city. that frustration be lifte we lif 5:00 p.m. people getting onto buses just to get to work. with a transportation crisis on top of everything else. melissa: let's get a check of the market. nicole petallides on the floor of the new york stock exchange. stocks still in the red after the jobs report. nicole: a lot to watch. group on at a new low. names soaring like priceline and tripadvisor and others coming under some pressure like gas for the big picture is a major market averages have been leaning slightly to the downside to date down one third of 1% for the dow jones industrial.
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lower today, still positive for the week and as we kick off november trying to get a new month to get october selling for that month we snapped a four-month winning streak. back to you. lori: nicole, thank you as always. number of jobs added last month actually beat estimates for the unemployment rate is higher. is this a case of slow and steady wins the race or another sign that the u.s. economy is nowhere near a real recovery? joining me now, chief global equity strategist at jefferies. tommy coming october jobs report, would you characterize it as more good were more bad news? speak what was more good news. we have had over the last quarter, factory order numbers as well over the last 24 hours but the key has been with head spinning the companies coming into the u.s. election and presumably ahead of the fiscal cliff discussions.
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that will still be a drag for growth alongside what we have seen from hurricane sandy and the gdp numbers. we'll still trend lower in the macro data pieces. employment data was actually slightly better, but in the whole scheme of things i think things are still slightly weaker toward the end of the year. lori: what i think in terms of gdp points? >> the estimates probably the early estimates probably shave off about a half a percent during this quarter which will mean early estimates about 1% gdp for fourth quarter. down about a half, it will have a meaningful impact unfortunately any of the repair work and sort of spending will be overshadowed by the large drag on growth from the electricity shortage and so forth.
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lori: the components of that are producing gdp to be shaved off approaching the third quarter. the peak time of the year. their income comes from spending, that reversing the real damage? speaker yes. they will impact some businesses in terms of not being able to produce goods ahead of the christmas season, so consumer spending and also the fact we're going to have quite a drag on the production numbers as well because of the electricity. it will be more than meaningful negative impacts going to the end of the year. lori: thank you for your announcement. melissa: just four days until the election, was today's jobs report a loser for president obama and governor romney? lori: any politician really feeling the heat today's new york city mayor bloomberg. we just saw his decision to run the marathon even if they're devastated by sandy.
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we see a stronger dollar, interesting move, gold much weaker, the dollar also stronger against the pound and the yen, but basically on power with the canadian dollar. back with more after this. with the fidelity stock screener, you can try strategies from independent experts and see wh criteria they use. such as a 5% yield on dividend-paying stocks. then you can customize the strategies and narrow down to exactly those stocks you want to follow. i'm mark allen of fidelity investments. the expert strategies feature is one more innovative reason serious investors are choosing fidelity.
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>> just about 26 minutes past the hour. powerless residents of long island, new york, could have their electricity back in a week. long island power authority says more than 430,000 customers are currently without power. the news is a little bit better in manhattan where 200,000 customers could have their power back by tomorrow. 1.3 million people throughout new york state are without power thanks to the super storm. the slot machines can be ringing again in atlantic city. they have been given the all clear from new jersey governor chris christie. only the fourth shut down since new jersey opene open its doorse casinos years ago. amtrak resuming service.
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limited service going south of new york resumed yesterday. back to melissa and glory. melissa: thank you so much. the jobs report is out, 171,000 jobs were added. unemployment rate ticked up 7.9%. we are four days away from the election, and here's how the two presidential candidates are spinning the numbers. >> today businesses have created nearly 5.5 million new jobs and this morning we learned companies hired more workers in october than anytime i any timee last eight months. >> today we learned it is actually 7.9%, that is 9 million jobs short of what he promised. unemployment is higher today than when barack obama took office. melissa: so how important is this report to the election? coming here to weigh in, chief political strategist at potomac research group. thank you for coming on. >> my pleasure, great to see
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you. melissa: what do you think? both sides trying to spin the numbers. >> i was told the white house was fearful the numbers could have been back at 8%, and it wasn't or that they could be under 100,000, and they weren't. i also think the romney campaign was hoping for a number that would have helped them more. for the 18 people in america who have not decided who they're going to vote for, i think it is probably neutral. melissa: it is not good for the president that number would go from 7.827.9, yet it is still below eight but a lot of people thought as the magic number. our greenroom pointed out to us it was actually 7.5% when jimmy carter was taking on ronald reagan who was even lower than, which i was surprised about. you can go any which way, but as
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you said, are there really that many people who are going to get swayed at this stage? >> probably not. you can argue obama's handling of the hurricane earlier in the week might have moved the needle a little bit toward him. embraced by chris christie might have helped a little, but we are down to so few undecided voters i think opinions are pretty much hardened. melissa: what do you think about what happened with chris christie? are you cynical enough to think there was something political behind this? what do you think happened? you have to wonder to a certain extent. >> people in the northeast are so traumatized by what happened politics are truly secondary. that said, many will run for president in 2016. but you have to think if romney does lose, christie would be one of the favorites in 2016. it has to be in the back of everybody's mind.
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melissa: you think politically he may want to undercut romney at this point? >> if he wins, chris christie cannot run in 2016. i think the human tragedy has far surpassed politics on this story. melissa: do you want to place a bet on who is going to win on tuesday? >> fearless forecast. popular vote will be just about tied. romney may even win by a couple hundred thousand but obama has the easier path at 270. it will be one of these weird split elections like 2000, but he is one of the favorites. lori: back the market, new york stock exchange and nicole petallides. look at a couple of big movers today. >> lot of big movers to talk about. the dow jones industrials down
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about 50 points, but let's talk about first starbucks. while mcdonald's and chipotle and others have come out a little at best, but doing a lot of promotions and talking about growth going ahead, starbucks ahead 11%. gas has been downgraded today hitting multiyear lows, jeffries to a hold from a buy. one was the chief financial officer, the company back in august/their full-year guidance. you think of the hot ads and the cute jeans and such. we will see if they get back on track. back to you. lori: thank you. hurricanes and believing one thing bone dry. the gas pump. you are in new jersey scrambling for fuel waiting hours to get
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it. how long will this crisis last? melissa: representing 1000 new jersey gas station owners. take a look at some of the winners and losers on the s&p 500 as we head out to break you can see tripadvisor of all things up about 20% of people wanting to hit the road and get out of dodge. 0t[h7
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lori: the saying running on empty. that is the story literally. the northeast is struggling for fuel after sandy. gas lines snaking for blocks. what is the holdup and how long could this last?
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liz macdonald is live at a gas station in new jersey. >> good to be with you, lori and melissa. tempers are flaring, patience is wearing thin in mahwah, new jersey a mile north of new york city. the line is getting longer by the hour. the temperature dropped 10 degrees within the past hour or so. people are very worried about getting gas to fuel generators and cars. they afraid won't have any fuel, attempts to get fuel throughout the weekend. we're standing here now with a lovely lady named danielle. danielle, tell us what happened with tempers flaring on the line earlier. >> my father told me, an automobile mechanic. told me to come here. best place to be. finally in line waiting two hours. then this teenager cuts me off, comes off a ramp. cuts in front of me. i get out of my car, talk to him. exchange a few words. doesn't budge.
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four gent men got out of their cars. finally teenage are budged because with us gentleman was forced to call the cops. >> one came up to the car and snacked it. >> one person was so enraged he hit the car. >> tempers flaring here. the reason people are coming to pilot here, pilot has its own refineries. it does have a gas supply. we also talked to the port authority and coast guard. port authority and coast guard, get this, telling fox business it is a terminal issue. the terminals are privately run by exxon and companies like bp. and that it is on them to get the gas into the terminals and into the gas stations. also electrical problem. 80% of the gas stations knocked off-line here in new jersey because of electrical power outages. you need electricity to run gas stations but pilot is operating and up and running. we have two hour or three hour wait right now. it is getting worse throughout the day. back to you guys. melissa: amazing.
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lori: wish you had better news. liz macdonald thanks for that. melissa: here with the very latest on the gas shortage is the executive director of new jersey gasoline convenes automotive association which represents a thousand gas stations in the state. sal, thanks so much for joining us. you're on the phone. we appreciate taking time away from everything you have to do right now to apprise us of situation. i will tell you governor cuomo is saying now he thinks the shortages in the state will begin to ease. that tankers are make being their way into the harbor. he says, quotes millions of gallons are through the harbor and going into the distribution network. do you take heart in this? will this solve the problem? >> that is not going to completely solve the problem. it is certainly good news but there is still going to be difficulty unless power can be restored to the distribution centers where the trucks are loaded. if they don't have power, the trucks can't be loaded.
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and further down the line, once the trucks are deliver the product to the gas stations, if the gas stations don't have power, then they can't pump it. >> want to understand exactly what the problem is here because i followed this industry for a long time. we have gas stations that have electricity and don't have enough product and running out. what is stopping them specifically? go through the chain of events. what is stopping them from getting gasoline. >> where are the distribution centers you're talking about and how many are there and how many have power? >> all the distribution centers in linden, carter, perth amboy, sea warren, everything serviced by the elizabeth and newark seaports are affected. so there is virtually no distribution coming out of the north jersey area. melissa: all those places don't have power is what you're saying? >> it is a combination of no power and also the facilities have been
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affected by the surge itself. melissa: so they need power to be turned back on. have you talked to the power authorities in the area? or, do they know they're the cause of all these long gas lines? also i understand that some have water damage as well. how do you fix that and how long does that take? >> well i have spoken to one of the power companies and that is public service electric and gas and not as it relates to the distribution, the power at the distribution centers. however public service electric and gas last night contacted me. we are getting them lists of our members that have gasoline in the ground but are unable to pump it because they don't have power. they have promised to prioritize getting power to those locations. i have spoken to people at the governor's regional operations center in trenton and they this morning have also asked for that list. the governor, you know we have a very headstrong
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governor who gets things done. melissa: right. >> he has, he is determined to make sure --. melissa: i imagine he is determined. meantime is it possible to ship gas in from further away? seems like that is the next solution, would be to send tankers to somewhere where there is power. even a longer distance and bring gas in. >> that is being done but you have to understand the length of time that it takes to make a delivery when it is coming from out-of-state or even south jersey which does not have the same difficulties that north jersey does. melissa: right. >> a tank truck that would make three or four deliveries in a day can now only make one, and that --. melissa: but better than nothing. obviously we're really desperate up here. maybe that is faster than trying to get power turned on which is struggle for everyone. sal, i'm sure we'll check back in with you later. thanks so much for doing this and helping us sort out the problem. we appreciate your time. >> thank you.
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lori: should the presidential candidates be paying closer attention to housing? re/max chairman warning the president and governor mitt romney, just to pay more attention to the housing crisis which might have turned a corner but still not back to full health. we'll discuss that next. melissa: oil and gold taking big hits on today's jobs report. we're live at the trading pits of the cme. look at 10-year and 30-year treasury as we head out to break. yield unchanged on the 10-year in trading today. we'll show you the 30-year as well. it is drifting a little bit higher. up one basis point. we'll be right back
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>> i'm lauren simonetti with your fox business brief. the department of homeland security trying to ease the gasoline shortage in the wake of sandy. the agency issuing a temporary blanket waiver of the jones act allowing foreign flags fuel tankers from the gulf of mexico to supply the northeast. the superstorm caused a shoutdown of two refineries in the region. verizon reporting fourth quarter results will take a big hit because of sandy outages and remediation efforts. the said it is not possible at this time to estimate the impact but expects it to be pretty significant. sources telling bloomberg, rockdale securities is looking for a capital injection following a massive trading error. executives at the brokerage telling employees and investors a trader made unauthorized purchase of apple which eroded the firm's capital. that is very latest from the
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lori: watching markets. quarter till. let's check the market with nicole petallides on the floor of the new york stock exchange. how will sandy hurt their bottom line? >> no surprise to hear companies will begin and i'm sure, lori and melissa, over the next 10, 12 days, reporting a lot of companies noting changes in earnings per share because of revenue they expect with sandy. two names already gotten facts on and that includes verizon when they talk about corporate earnings in the current quarter. fourth quarter operating results actually could be significant because of sandy's impact. so that is number one. the other one that we're following closely are the airlines. delta in particular, which canceled more than 3500
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flights. of course they're trying to get back to normal out of new york's laguardia airport today, saying it could impact october profit by $20 million in revenue by $45 million. so this negative impact just not on the two names. you will hear from a lot of companies. back to you. lori: just getting started, nicole, thank you. melissa: better than expected jobs reported playing on the commodity markets. fox business's and commodities group, phil flynn in the cme. gold and oil sliding today. >> they are not only getting crushed but precious metals and not much talked about factory orders that put another wave to the downside in gold. the perception that the u.s. economy is better than europe that gets the dollar rallying. that gets gold tanking. the other big story is gasoline. historic waiver of the jones act by the department of homeland security all of sudden has gasoline futures catching up with the falling heating oil futures. a dramatic drop. it will take six days to get
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tankers to new york. they're on their way. back to you. melissa: phil flynn of price futures group. thanks very much. power is out, hundreds of homes have been destroyed but mayor bloomberg reiterating the city's plan to run the annual marathon on sunday. lori: as you might guess he is facing very sharp criticism for that decision. governors run in central park for the race while other areas are dark and residents struggle for their basic need. look at trading on the nasdaq today. [ male announcer ] this is steve. he loves rk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees.
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lori: our next guest penned a open letter to the presidential candidates urging them to stop ignoring housing. re/max cofounder and chairman says saving the housing market will lead our overall economy through this dismal situation. welcome to you, sir. >> thank you. lori: why would you say, why do you believe that the candidates are ignoring housing as an issue on the campaign trail? >> well, three debates and not a word was talked about, on housing. housing makes up 20% of our gdp in the united states and it has the ability to take us out of this situation we're in. lori: but do you think there issome sort of political liability that either candidate was concerned about? most people are in agreement that housing bottomed and turned the corner? >> i think the problem is it is a bit controversial to talk about the things they should have been talking about. they want to get elected. so they don't want to say anything negative. there are three real easy fixes that would help the housing market.
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lori: well, you just led me to my next question. let's get into them. what is the next step? >> okay. the first thing dodd-frank was written very ambiguously. it is hard to interpret and therefore the mortgage lenders and banks really don't know what their boundaries are tore making loans. that affects the appraisal process and the approval process. second, the mortgage interest deductions they're talking about outlawing, have to understand, 65% of the people out there make less than 100,000. 91% less than 200,000. that are using that deduction. maybe it has to go away at some point but not in the middle of this downturn. finally the third thing mortgage forgiveness debt relief act expires december 31st. if it expires it will negative effect our market by 20% because it will kill short sales. lori: i want to follow up on the mortgage application process. you report to us that currently 15 to 20% of all mortgage applications are
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rejected. just from my own experience and talking to friends and family members, tough to get a mortgage even if you qualify. really the banks are turning over every stone which you understand, considering the robo crisis of not all that long ago. what do you think the solution is there? >> well the solution is to go back to the bank lending we had 10 years ago. this whole problem was caused by the subprime mess of anybody can qualify. no down payment, no credit report, or anything. if we would use the standards we used, for 40 years and ending in about early 2000s, 2005, i guess, we never had this problem. people put downtown payment. they had skin in the game. even if the market fluctuated they didn't just walk away from the properties. lori: dave, thanks so much. dave is with re/max, chairman and cofounder. melissa: as new yorkers continue to come together to help with cleanup and recovery after hurricane sandy one with thing is defining this city and it's the marathon. the race begins in staten
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island. that is one of the most devastated in areas in the city. at least staten islanders have died in this. hundreds of homes have been destroyed. residents are calling it the forgotten borough. mayor bloomberg reiterating this hour, you heard him here saying the race is on. i don't know, do you think it is the right call? lori: the mayor in his announcement reit that rudy giuliani kept new york city marathon going in 9/11. that happened two months after the crisis of 9/11. this is days of a the hurricane. and those generators, he made this point earlier, the port-a-potties all of that can go to people who virtually lost everything except clothes on their backs. melissa: i understand the spirit. practically doesn't make much sense. we'll discuss the marathon issue in depth on "money". we have bart rasooo on "money" from runners magazine. he disagrees with me. that is 5:00 p.m. eastern on fox business.
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lori: the whole then is such a travesty. the sandy, the aftermath, the marathon everything. all right, we're continuing to cover the story and its economic impact. we'll continue to come live from staten island. the pictures are more horrifying as time goes on. tracy byrnes is back. she had such and ordeal herself in new jersey. we're back here with more on this. ♪ ♪
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tracy: i am tracy byrnes. ashley: and you are back. i am ashley webster. president obama saying we are moving in the right direction. mitt romney says not fast enough. tracy: we have to get you up to date on the very latest storm aftermath. staten island is screaming for
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help. aid going to other parts of new york and new jersey. lines for gas extend for miles. ashley: power is out. hundreds of homes have been destroyed. the city is still planning to run the annual math on that starts off on sunday. a lot of people are not happy about that. the mayor of new york, mr. bloomberg, says it will go ahead. stocks now. the dow heading down. we will go down to nicole petallides at the new york stock exchange. very much a ho-hum day. nicole: yes and no. we have had a very busy week. the dow is that session lows. down 71 points. we are trying to kick off november with positive of
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arrows. october had down arrows. we had four months of of arrows. october, we sold the selling underway. let's take a look at how we are very right now. the dow jones industrials down .5%. we have seen some names with of arrows. let's also take a look at some other names. energy, we still see people fighting for gasoline and food and power. people are still coming in here whatever happened to them. we have had a monumental week here on wall street. a few more hours to go. back to you. ashley: thank you very much. tracy: residence in satin island crying foul as mayor bloomberg refuses to cancel the new york marathon. it makes me sick. adam shapiro has the latest on the recovery efforts.
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sandra: adam: most people not happy about the marathon. you can see them getting ready for that new york sanitation trucks to calm down hunter avenue and pick up all the debris. the trucks are over at orchard beach right now. the dump trucks we have seen so far have been picking up trees and different kind of wildlife that has been knocked over. they want to clear all of that out for the utility crews. i want to introduce you to the woman that used to own all of these possessions that came out of the house that was damaged by the water. she actually works for the city. right now you are working to get your life back in order. what has the lesson to you? >> they said they will take care of it. they checked the house now. adam: are they giving you any indication whether it will be a loan or a direct grant?
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>> they said they would tell me and five or ten days. i have to wait for my insurance. adam: we have seen an amazing amount of activity here in the city. the national guard is handing out water. this issue of the marathon, the marathon is going on on sunday save us they are out of their minds. they should clean up this mess. people without food and water. people don't know where they're going. adam: is it too soon. it is an economic issue statement this is not the time to be doing this right now. you have to be kidding me. look at this mess. look at my house. nobody is helping us do anything. adam: if you had a one-on-one with their bloomberg, what would you say to him? >> get your -- together. this is not the right time to do
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this. the real. adam: thank you very much for joining us. here are the headlines people need to pay attention to. fema on site, national guard dispensing water. they have not picked up the debris yet, but the sanitation trucks are on the way. ashley: not the only person we have heard that from. let's talk about your experience. you finally got in today since the storm hit. you have been without power in new jersey. you actually got here through connecticut taking a train. tracy: no power no water. i try to take my kids for lunch. they had to go back to see if they had food to make lunch. we have been staying at my moms. thankfully, she has power. my house is fine, but no
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electricity. of course, you know, now the police are patrolling certain towns at night. it is crazy. my town looks like a spaghetti ball of power lines. you cannot walk. kids wanted to trick or treat in a can. they will not be in school for weeks. ashley: it is great to have you back, but certainly a long way to go before this mess gets cleaned up. the october jobs report. the last before the election. it is showing that the economy is growing, but very slowly. my next guest says it is a positive for the market. what does it do for either presidential candidate? joining us now senior economist and market strategist. 7.9% jobless rate. it cannot be great we are at
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7.9% unemployment. >> there is no doubt about it. to some extent, if validated the surprising good report we had in september. it is not enough. the market shows we have skepticism. ashley: the uptick in the unemployment rate was perhaps more people starting to look for work again as opposed to just getting up. therefore, our people are unemployed. they must believe more jobs are out there and that is why they have gotten back in. >> what we have seen in the numbers and this is a bit of a change, business is using over time and attempts. they started to hire at the margin. we have seen work expanding. there is leftover time and they are beginning to bring people on. it is still a picture of a very slow growing economy. ashley: are the kind of jobs we
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would like to see in a stronger recovery? >> it is not a lot in any sector. you see declines and government jobs. we had a surge in government jobs in september. the october decline is really significant. we have seen the guys in autos. that is a form of government jobs these days. these are mostly felt month-to-month variations. it has been slow across the board. ashley: we have seen wages not particularly pick up any space. is this a low-wage recovery? >> it is time and a half for an hourly worker. we have seen wages thought we have seen a jump in the workweek and the average weekly raise rise because a lot of that is time and a half. that stopped in october. ashley: the election coming up on tuesday. is this a report that president
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obama can point to and say look, we are on the right track. >> it is a bipartisan report. [talking over each other] >> the president can say there have been some pickups. he can say this validates the drop below 8%. it is up slightly. ashley: it is still higher when he first took office at the beginning of his term. it was 7.88. that is the progress we have had. >> it is technically no progress. it is a little worse than not. i will not talk against the record of the president, that is not my job. if you consider the people who have left the workforce, the participation rate: some are coming back, but there is still five william people that would have been working and would have been counted in the employment if they have not given up.
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ashley: thank you very much for being here. we will deliver a -- those in need get reprieve anytime soon? tracy: it is scary. let's take a look how oil is trading right now. down $1.84. we will be right back. ♪ [ male announcer ] how do you trade?
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♪ tracy: it is time to make some money with charles payne. he is talking about one of the largest coal producers in the united states. what you have for us both back. neil: by the way, i am going to stay right at the top. i have been out of it for a while. i am not saying buy it yet. elections are around the corner and we will start to talk about what sock do i own. this falls into the mitt romney camp. ashley: not in great shape. charles: not in great shape. congress using the act. it really is just a club asking for unreasonable adjustments in the coal industry.
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the weak economy. we had a couple years where electricity demand the client. that rarely happens. then we really had that have had a real winter and a longtime in the northeast. they reported today they lost $0.21. the street thought they would lose $0.45. september 3 it started to turn out. after the debates, it really started to turn up. it hit 26 here in the last couple days. everyone has their different roles. that has been an interesting poll to me from wall street. we think romney may pull it off. it is a little sideways today, but that we have this curious reaction. ashley: which is interesting. charles: a natural is sort of
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the longshot and obviously with the risk comes an award. tracy: you have talked so much about the coal industry being beaten to death by this industry. this is a very risky play. charles: very risky. this is someone they consider if romney one. i would say took a look at first solar. tracy: would you sell it if president obama is reelected? charles: i probably would. this has a little bit of momentum. the stock will take off. tracy: charles payne. ashley: interesting. thank you, charles. let's check the markets now as we do every 15 minutes. nicole petallides on the floor of the new york stock exchange. deep in the red.
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nicole: you remember alcatel? it has been such a big name here on wall street. the telecom equipment maker comes out with numbers. the whole thing is just a big disappointment reared their group certainly is a temperamental one. you can see just from the telecom equipment maker they are posting a second straight quarterly loss. we have seen operators cutting back on spending. we have seen their loss widening which is not good news for alcatel or their shareholders. this is one we will continue to follow. as we noted, a down day for alcatel. back to you. ashley: thank you. tracy: just four days until the election. the candidates and their team are out in full force. how does today's jobs report
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affect their strategies click select we will break through their spend. ashley: good luck with that. take a look at how the dollar is faring. up against the euro and the pound. look at the japanese yen, down again. we will be right back. ♪ tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong.
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>> at 20 minutes past the hour i have your fox news minute. the department of homeland security trying to ease the gasoline shortage in the wake of hurricane sandy. several airlines kicking a costly step fearing a jet fuel shortage. southwest is a long the carriers. the port authority of new york and new jersey which operate the major airport say despite the move they have adequate supply of fuel. andrew cuomo says power could be restored to downtown and had today, but that does not mean everything could be repower. he also says the restoration could be a big step forward for con edison and the subway system. that is your fox news minute.
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back to ashley and tracy. ashley: thank you so much. we appreciate it. this story has been getting a lot of headlines. new york city mayor michael bloomberg is saying this sunday's marathon must go on. is this really the way to get the city back up and going? tracy: many serious. not when new york is out of power and food and water. ashley: mayor bloomberg says the marathon will not divert resources from the cities victims. police officers will be deployed for the marathon. there was a picture on the front of the new york post today with the phrase misuse of power.
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when you see people without power for days and days and you see these generators used for marathon runners, you can understand the anger. tracy: adam schapiro -- [talking over each other] you cannot help but be a little bit angry for these people being so darn happy when something bad happened here. ashley: we are not talking about canceling it all together, why can't they just push it back a week or two. tracy: it was almost two full months later. ashley: the former mayors both supporting mayor bloomberg's decision. navy it is a mayor packed or something. tracy: four days before the election. both candidates have launched a final campaign bullet in key swing states.
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rich edson in washington with the latest. speaking how about this, five campaign events, two candidates, one state, ohio. that is just today. they plan to return to the buckeye state over the next four days. both candidates spent plenty of time today with the latest employment report. >> today our businesses have created nearly 5.5 million new jobs. this morning we learned companies hired more workers in october and any time in the last eight months. >> today we learned it is actually 7.9% and that is 9 million jobs short of what he promised. unemployment is higher today than when barack obama took office. rich: the president first four years did not work in the next four years will not under his --
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president barack's term is meant romney's opening line. thank you. there has been some talk. when you look at the swing states of ohio and virginia, election officials say they are either working to restore or have done so already. we talk about places like new jersey, new york and connecticut. that is a major problem when you look at the broader electoral college. the broader issues. they probably will not influence the final outcome of the election. tracy: rich edson, thank you. ashley: everyone should be able to bow. tracy: i will not have power by tuesday. the top issue for the election, the economy. people already hitting the polls and some states. gerri willis will wait and on
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that. ashley: let's take a look at some of today's winners and losers. there are some winners out there. starbucks. some of the stores open already in the new york area. the stock up nicely. we will be right back. ♪ it's a new day.
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at. >> today's jobs report last big piece of data released
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before the election. who will the numbers help? we walt ask a strategist along with jury will list. just getting the numbers of those without power. 1.5 million still without power. including many of us. the new york city marathon still scheduled on sunday. paid at the pump. the law lines and and the gas tanks why is it so hard for people to fill their tanks? we have an expert. ashley: checking on the markets every 50 minutes with nicole petallides at new york stock exchange. >> let's talk about earnings season and elections next week whether your thoughts?
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>> it has been interesting. information economics and earnings season. now we see short-term money. lot can happen in a weekend. people are positioning themselves ahead of the election. >> just wait and see until next week. how deerfield with the market's going korver? some companies seem tepid. >> as should be. the coz of the european exposure, this go cliff, there could be a new administration in. over the next four days and
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six months should have trepidation where they position themselves but you cannot set the bar to high to perform better than expectations. >> we had them monumental opening it is interesting. i am glad to be here. >> history of the making. stocks are down but the better than expected jobs report. we have a chief market strategist with russell investments, steve, let's talk about the market and the economy and how hurricane sandy plays into this.
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what about the economy? >> we have headwind, the fiscal cliff, the election. all of those business decisions that were not made will not be made going into 2013. sandy will add to that. we don't know yet but it will be material. ashley: if the president is reelected orbit romney wins how does a play out? >> we are neck-and-neck. ultimately i like talking policy. ashley: if you price it did with the president? >> i don't agree but the
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next president will be very constrained. whoever takes the oath of office will have limited freedom. hoping that you can not have been neck-and-neck finish with a weight to years. then investors and taxpayers can make long-term decisions would to be a big kick start to work across the aisle. we have simpson bowles and alice rivlin. there are blueprints out there. tracy: then that is a pipe dream. what about the stock market? >> if it is obama the landscape with health care will be more clear. from a wince you may say financial space is more
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clear. but still europe is having problems hopefully we can take their example with these difficult decisions i think the markkt will shake out with that long term decision. >> the fiscal cliff gets closer. that could point* the way to more and decision. >> how much is political posturing? i think congress passed to deal with spending first. tax cuts could go retroactive. but spending cuts go into
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effect january 1st. they have to get on this. we're only dealing with 1.9% of gdp. right now they are in a recessionary environment. they need to get on that. tracy:. thank you steve. ashley: northeast is consumed with the northeast but the candidates are campaigning hard for those eight states up for grabs. net romney wasn't wisconsin but obama was an ohio early voting well under way including florida as candidates tried to close the deal. will the jobs report affect their vote? terry will list is with us.
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is this report each enough for someone who was undecided? >> i don't think so. 23 million still unemployed and underemployed. mitt romney can say the unemployment rate has gone higher. here is my take away. we have been down so long it looks like up. it is not good. if we grow every month adding 170,000 jobs it would take almost 10 years. people don't have that time. ashley: lakisha underemployment rate those who would want to work full
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time so 14.6%. >> with the northeast sandy affected 20 states have been a people are paying attention? but i wonder if voters are not paying attention if you have no heat or the kids cannot go to school your priorities maybe something else. we value these numbers but not every single boater boater -- voter. tonight we'll talk about the mayor and i cannot get pass this. >> new york city marathon will continue i think the phrase that i would use is tone deaf. tracy: or in sensitive. >> go with what she said.
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[laughter] "the willis report" to night on fox business. tracy: a down day for oil crude closing down at $84.86 it snaps three days of gains the third straight week of losses. ashley: the brief fight -- refinery is a shot after sandy it cannot do anything without power. it is still assessing the damage but hess says there is no damage to the docks. to assess damage to the building or refinery itself. tracy: what is taking so long? ashley: renew the storm was
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coming. 20/20 hindsight. tracy: of media company meltdown? disney, cbs and others are not expected to rate as well. dennis kneale will tell us why. ashley: look at the treasury's. not getting a lot back. the 30 year 2.9%. we will be right back.
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>> i am lori rothman. the bears continue to revise even with the jobs numbers. of the dow was down. a full flight schedule is released today from laguardia it is close to a full schedule for the carrier thinks sandy cut into profit by $20 million per cup sources tell bloomberg rocked insecurities following a massive trading air telling employees a trader made an unauthorized purchase on apple which eroded in to capital. this is the latest from fox business, giving you the power to prosper.
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tracy: of busy news day but the dow was losing steam down more than 100 points we are close to slipping into the red. >> we will get to nicole the first media companies riding high posting gains but is the gravy train coming to a halt? >> it has been a party. olympics comment election boosting prices but is it over? media giants report next week some are bracing for a disappointment. news corporation, time
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warner, disney on thursday. media stocks have rocked for good disney up 50%. discovery 45. cbs, 40. time warner 34%. s&p 500 1/7 10 percent. news corporation reports split into newsprint and video. and also looking to see if les moonvez will acquire a cable channel. dizzy made a $4 billion bid of the "star wars" empire. but not so great time warner could fall from one year ago. discovery to be down and news corporation is expected
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to post robust numbers also lagging sales at the box office. ticket sales fell 15% in july and is a timber. then they need to make better movies. ashley: despite insisting the new york city marathon is still on the "wall street journal" reports the marathon spokesperson says the situation is fluid and continues to evolves. it may be canceled as a result of public outcry. tracy: the worst thing i heard was people without power with no place to stay are kicked out for those who
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had reservations. >> the dow was off 111 points. >> we continue to see the market selling off. john was talking about taking money off the table. it just bring some uncertainty but look e.s.m. energy shares like chevron and chesapeake. they did come out with third quarter financial results. oil production was down year over year. >> the energy stocks head south. gas prices continued to drop by at because of sandy motorists are literally running on empty.
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tracy: take at -- take a look at the winners and losers. we will be right back. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barriereef with sharks, or jumping into the marke he goes with pele he trusts, which is why he trades wita company that doesn't niel and dime himith hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. at legalzoom, we've created a better place to turn r your legal mters. maybe you want to incorporate a business you'd like to start. or protect yr family with a will or living trust.
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>> and at the gasoline shortage continues massive lines make it impossible to
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drive off propellants head to elizabeth macdonald. >> this situation is not better part of the temperature dropped 10 degrees. this is going full tilt doubling the output because they're running on a generator. aligns are stretching 2 miles troopers are here to stop the address. we have the cashier. you we're doing crowd control? >> people throwing kathy -- coffee at each other. unfortunately at customer
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came to me that somebody had thrown hot coffee. >> did you call the cops have? >> they are here we did let them know. it looked like she was a lot of pain. >> we are about 40 miles north of new york city. back to you. tracy: 10 miles from my house. people are angry. to third seven gas stations are still closed according to aaa only 35% are actually a operating waiting hours. why is this happening? we have the president, andy, when will
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it get better? it feels like a third world countries. >> it is starting to get better. we have terminals open that well be receiving resupply. the biggest bottleneck is a tunnels in new jersey. cannot deliver to the other terminals in the region. ashley: renews the storm was coming in advance could anything it have been done or you just can't stop mother nature and deal with it? >> we tried to pre-position the generators but what was the perceived
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is the flooding new jersey and end staten island and the cleanup whether the mud or the assault letter -- saltwater. there is little to do about that. tracy: to read to transport cross-border? what about the future? >> beth -- not much about the storm surge but there are supply is from philadelphia you want to keep inventories higher. in houston we have generators to get them up and running immediately. so that you pre-position your supply. tracy: maybe we can learn
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from them. thank you. >> people are angry. but frustration is mounting we will go to stan ayn rand. tracy: the dow was down over 110 points. dough go anywhere. the last hour of trading. countdown to the closing bell. next. tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong.
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>> good afternoon. the last hour of trading. countdown to the closing bell begins right now. gasoline shortages and only two more business days before the election dow jones industrial average in danger of ending the week


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